New Delhi, Feb 22 (SocialNews.XYZ) In a significant twist to the IPL sponsorship bidding process, My11Circle has dethroned longstanding sponsor, Dream11, in the fantasy games category. The conclusion of the bidding process on Wednesday (February 21) saw My11Circle securing the sponsorship, outbidding Dream11 by over INR 110 crore.
According to a report by Cricbuzz, Dream11, a prominent name associated with the Board of Control for Cricket in India (BCCI) and the IPL, submitted a bid of INR 515 crore for five seasons, equivalent to INR 103 crore per season. However, My11Circle's aggressive bid amounted to INR 625 crore, averaging INR 125 crore per season.
This outcome holds considerable significance for IPL enthusiasts, as Dream11 has long dominated the fantasy games category. The surprise victory of My11Circle, a brand endorsed by cricketing icons like Sourav Ganguly and Shubman Gill, underscores a notable shift in investment strategies within the IPL sponsorship landscape.
An IPL Official Partnership presents a lucrative opportunity for brands to enhance their visibility at one of the world’s most prestigious sporting leagues. My11Circle's substantial investment in the IPL signifies a growing trend of fantasy gaming platforms recognizing the value of such partnerships.
The IPL's enduring popularity among India's vast cricket fan base has not only fueled widespread enthusiasm for the game but has also catalyzed increased engagement across diverse platforms, notably fantasy sports. The IPL 2023 season, for example, saw approximately 61 million users actively participating in fantasy gaming, as reported by Redseer Strategy Consultants.
This surge in fantasy sports participation reflects the growing synergy between real-world sporting events and virtual sports engagement. While the fervor for live sports events has driven interest and participation in fantasy gaming, the immersive nature of fantasy sports is also amplifying fan engagement with real-world sporting events. According to a FIFS-Deloitte report last year, engagement on fantasy sports platforms has increased sports consumption by as much as 60%, marking a positive impact on the sports ecosystem in the country.
Fantasy sports platforms offer users the opportunity to construct virtual teams comprising real-life players, with performance metrics translating into points. The allure of lucrative prize money adds to the appeal, fueling the rapid growth and popularity of fantasy gaming in India.
The successful bid by My11Circle not only reshapes the dynamics of fantasy gaming sponsorship within the IPL but also underscores the evolving landscape of sports engagement in the digital era.
Source: IANS
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